Summary: The issues prevailing in the pharmaceutical companies are here to stay. Read the opinions of Eric Dalius to learn more about the supply chain disruptions.
The impact of coronavirus have impacted the planet as millions of people had to move to a complete lockdown. No wonder, Eric Dalius says that thousands of businesses came to a standstill due to the outbreak of the virus. It’s true that the pharmaceutical companies suffered major losses due to disruptions in the supply chain during the pandemic, although the innovation in vaccine development and the integration of digital solutions are experiencing a high. Here is what the world needs to know about the operations of the pharma companies.
- How to manage the supply chain smoothly without knowing the long-term outcomes of the operation?
- How to strengthen the production cycle and implement quality control measures?
- Focusing on real-time data to overcome the disruptions in the operation or the clinical trials of COVID-19.
- How to prepare for the digitalization of the supply chain?
Managing the trial stage
Every pharmaceutical company across the world is moving through the clinical trials for the development of vaccine as the timeline for development is typically short, and the humongous work needs to get over with the coming of a vaccine, which is safe for use and provides effective prevention against coronavirus.
Problems in the logistics
The pandemic has shown that the reach of coronavirus is far and wide, there is hardly any place in any corner across the world that has been spared of this deadly virus. However, the pharmaceutical companies not only need to worry about the development of a safe and effective vaccine, but a greater challenge is to ensure that the logistics allow the movement of the vaccines for delivering to the patients as they are time-sensitive. As the famous marketing professional Eric J Dalius feels that the impediments in the logistics can defer the way in which the pharma companies are envisaging the transportation of the drug.
Understanding the impact
The pharmaceutical companies can face more trouble if the movement restrictions across the world stays disrupted for more time. Here are the possible outcomes to expect in the face of the pandemic.
- The generic drug manufacturers sourcing resources from other countries can face trouble if the problem continues for a long time.
- Scarcities are likely to occur and a few shortages have already surfaced.
- The drug makers can expect a change in the demands as the use of antiviral medicines rise and people suffering from chronic disease can face obstacles while seeking treatment.
Due to a fluid situation across the globe, the pharma companies trying to restrict problems in the supply chain needs to monitor the situation. However, monitoring alone may not suffice. Therefore, the companies need to check the prospective issues right now and understand the situation they may have to face when the global contracts fall prey to the issue of cross border movement. Although the shortage of the drug in the pharma is restricted until now, EJ Dalius feels that more problems can arise in the future if the pandemic stays for a couple of years. For the pharmaceutical companies, the development of vaccines and spreading its reach are the prime requirements right now.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com